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Chapter 7 a good option for Ohio residents consumed with debt

When a Ohio business owner faces financial difficulties, he or she may be concerned over how to handle accrued debt. One man in another state recently filed for Chapter 7 bankruptcy. Reports indicated that the man is an accomplished home builder and developer. He filed bankruptcy in both personal and business-related capacities. 

During his individual filing, he reported that his assets were valued somewhere between $1 million and $10 million. However, his debt accumulation was listed as somewhere between $50 million and $100 million. This number differs from the liabilities listed in his business bankruptcy filing. His debts were apparently accrued as he continued with housing projects and development though his area did not fully recover following the recession. Additionally, a divorce and related financial obligations may also have contributed to his financial issues.

Because the man filed for Chapter 7 bankruptcy, his assets will be liquidated and the proceeds applied to existing debt. This form of bankruptcy if often utilized by individuals who are simply unable to pay back their outstanding balances. In this particular case, there are apparently 142 creditors involved.

Having difficulty paying back substantial debt can affect individuals at all income levels. Here, it is apparent that this developer was involved in a number of significant investments. As with this case, filing Chapter 7 bankruptcy may be an option for Ohio residents to consider if they feel that their personal debt is too much to handle on their own. Gathering information on this and other debt relief options may help concerned parties find the route that could help them gain a fresh financial start.

Source: cecildaily.com, "Developer Clark Turner files for bankruptcy", Cheryl Mattix, Nov. 25, 2015

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